Restructuring debt for Mortgage holders

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Allied Irish Banks in restructuring mode. Options are now evolving  and Debtors should at a minimum be talking to their bank in search of suitable solutions.



Implications of Bankruptcy for Company Directors

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Basically, a bankrupt cannot be a Director.

 



Indebted SME’s to benefit under new Multi Bank Cooperation

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Facility for multi-banked debtors to simultaneously deal with all banks without the need for a formal insolvency arrangement.



corporate restructuring and insolvency review of 2013

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On the corporate insolvency front, 2013 showed positive signs of corporate recovery with overall corporate insolvencies down 19%, Liquidations down 22% , Receiverships down 9% and Examinerships down 22%. With the introduction of the new examinership legislation aimed at the SME sector, liquidations should continue to decline  while more companies avail of the  new examinership  ‘lite’ route. An excellent article by kavanaghfennell.

 



2013 Business Failures Down 19% compared to 2012

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An update on Irish insolvency activity during 2013 

A decline in liquidations and receiverships

Scope for growth in Examinerships

The uptake for personal insolvency is the big unknown going into 2014. The level of both structured insolvency arrangements and bankpuptcy should increase significantly during 2014 but the cost of such arrangements remains the key issue for the debtor while  the required professional input is both highly technical and time-consuming.




John O'Connell & Co., Chartered Accountants, Corporate Recovery & Insolvency Practitioners, Independent Financial Centre
33 Bank Place, Mallow, Co. Cork, Ireland :: Phone +353 (0)22-21132